A VA home loan is a low-cost financing option that can make achieving the American dream of home ownership a possibility for eligible military members, veterans, and their spouses. We will cover how to find the right VA home loan officer below. So, why should you utilize your VA home loan benefits?
- There is no down payment requirement
- There are no limits on how much you can finance
- There is no mortgage insurance requirement
Many banks, credit unions and lenders offer VA home loans, but not all might be the right fit for you. Here are a couple of tips to help you pick the right VA lender for you.
Confirm you qualify for a VA home loan
You qualify if you’re active duty, a veteran or the spouse of either, and if you’re looking to purchase a primary or second home!
Crowdsource VA Lender recommendations
You should ask your family, friends, colleagues, your realtor, even the internet. Look up reviews, do a Google search, look at the lender’s social media pages and do a little digging. Find out what It’s like to do business with these lenders.
Was it a smooth process?
Was the lender able to answer all their questions?
What were their lender fees?
If more than a few people recommend the same lender, odds are, it’s a worthy lender to look into.
You’re allowed to interview lenders!
You can shop lenders to see who will provide you with the best service, the most communication, and who appears to know what they’re talking about. Additionally, you should ask them about their process of getting your offer accepted by a seller and how long they’ve been licensed. Don’t be distracted by a big brand, as there are just individual people behind it.
Comparison-shop
Obtain a pre-approval and ensure that the lender provides you with three payment options, including taxes and insurance, as well as the total closing costs. Once the lender runs your credit, you won’t receive another ding if you shop around with other lenders within the first 30 days. Moreover, compare what others can offer you and then choose the best option for your situation.
Close on your VA home loan
Once you’ve obtained a pre-approval and selected the lender you want to work with, keep in touch with them as you move towards closing. Especially once you get your offer accepted. Furthermore, your lender must provide you with a closing disclosure that includes finalized list of closing costs at least three business days prior to closing, which might include:
- Origination fee
- VA funding fee
- Any discount points
- Credit check fee
- Recording fee
VA home loans offer unique perks, such as the no-down payment option and no mortgage insurance. As for recommendations, do your own research, and consider your own situation to find the right VA home loan officer that best fits your needs.
If you have more questions, we can help. Reach us today.